Fidelity Bank to Raise N32bn from Shareholders

Fidelity Bank to Raise N32bn from Shareholders

Fidelity Bank Plc has proposed a capital raise of N32 billion from its shareholders to drive the lender’s growth agenda for the financial year 2024.

The bank has submitted an application for approval to sell 1 for 10 every shareholding to its existing shareholders at N10, its Stockbrokers, APT Securities & Funds Limited said in an update.

At the close of the trading session on Friday, Ticker: FIDELITYBK closed at N14.2 per share on the Nigerian Exchange. Fidelity Bank was valued at about N455 billion after a 25% positive price movement in the first trading week of 2024.

The Tier-2 capital deposit money bank would be selling 3.2 billion ordinary shares to existing shareholders who elect to increase their stake in the bank. Oil Spill: Supreme Court Upholds Shell Appeal

Fidelity Bank through its stockbroker has submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue 3.2 billion at a unit price of N10.